Nov 28 Video recorder pioneer TiVo Inc
forecast net loss for the current quarter even as legal costs
stay high due to patent lawsuits against Google Inc's
Motorola Mobility Inc and Cisco Systems Inc.
Shares of TiVo fell 3 percent to $10.55 in extended trading
on Wednesday. They closed at $10.85 on the Nasdaq.
TiVo reported its first profit in three quarters as it
recorded a gain related to a patent litigation settlement with
Verizon Communications Inc, which will pay the company at
least $250.4 million through July 2018.
"Litigation costs are going to remain at an elevated level
for a while," Chief Executive Tom Rogers told Reuters.
Litigation spending in the current quarter will be slightly
lower than the $9.5 million the company incurred in the third
quarter, Chief Financial Officer Anna Brunelle said on a
TiVo forecast fourth-quarter net loss of $15 million to $17
million. Excluding litigation costs, it expects to be profitable
on an adjusted EBITDA basis.
Third-quarter net income was $59 million, or 44 cents per
share, compared with net loss of $24.5 million, or 21 cents per
share, a year earlier.
Revenue rose about 27 percent to $82 million as
subscriptions rose 44 percent.